Vale scraps its plan to sell shares in its fertiliser arm June 23, 2011 BRAZILIAN miner Vale said yesterday it has scrapped plans to sell stock in its fertiliser division, and now aims to take the unit private by buying up the share it does not already own. Vale plans to pay up to 2.2bn reais (£870m) to buy out minority investors of Vale Fertilizantes, whose main asset is [...]
Cost cuts help revenues at Norcros June 23, 2011 British shower and tile maker Norcros said its full-year profit tripled helped by demand for new products and cost cuts. Adjusted pre-tax profit for the year ended 31 March was £10.2m, compared with £3.4m in the year-ago period and revenue rose 15.6 per cent to £196.1m. Norcros said it would pay a final dividend of [...]
Profits up at Jet2 owner Dart June 23, 2011 Aviation and distribution group Dart, which owns Jet2, said yesterday that pre-tax profits rose by 18 per cent to £26.2m, and raised its dividend to 0.83p per share. Profitability increased in aviation, primarily due to increasing load factors, but decreased in distribution due to start-up costs at the new North West distribution centre and the [...]
ALTERNATIVE MANAGER OF THE YEAR | The Shortlist day 5 June 23, 2011 Alternative fund managers represent one of the fastest-growing and most in demand areas of investment management. Demand for hedge funds from institutional investors is climbing rapidly thanks to their above inflation returns and low correlation to stock and bond markets. The global industry is now worth more than £1.2 trillion and looks set to shape [...]
DEALMAKER OF THE YEAR June 23, 2011 Recessions are when reputations are made, they say, and that has been true in the world of fund managers. While some have battened down the hatches, the ones on our list have seen opportunity in crisis, and pushed ahead with flotations and expansions, or have just taken the chance to expand. All are stars in [...]
CITY MOVES | WHO’S SWITCHING JOBS June 23, 2011 Hydrodec The industrial oil re-refining group has appointed former Betfair director Andrew Black to the board as a non-executive director, in his first public company directorship since leaving the online gaming group he co-founded in 1998. Black, who made a reported £300m on Betfair’s float when the business entered the FTSE 250 in October 2010, [...]
BEST OF THE BROKERS June 23, 2011 RIO TINTO Citi rates the mining major as a “buy” with a target price of £52, driven by a recovery in earnings from its diamonds and minerals (D&M) group combined with the leverage to iron ore prices, as the wave of supply struggles to reach markets. D&M’s contribution to the group had fallen from 30 per [...]
FTSE tumbles to three-month closing low on energy worries June 23, 2011 MINERS and energy stocks were the worst hit members of Britain’s sharply lower FTSE 100 index yesterday, hit by heightened fears of a slowdown in global growth. The FTSE 100 ended down 98.61 points, or 1.7 per cent, at 5,674.38, its lowest close since 16 March when markets were plunging in the immediate aftermath of [...]
Greece’s austerity deal lifts Wall St June 23, 2011 US stocks closed way off session lows yesterday on news Greece agreed to a five-year austerity plan, but lingering economic uncertainty ultimately drove indexes mostly lower, keeping a downward trend in place. The Nasdaq wiped out all its losses, ending the session higher and back in the black for the year. The news out of [...]
A gross-out comedy for the ladies June 23, 2011 Film BRIDESMAIDS Cert: 15 PRODUCED by the multi-faceted Judd Apatow, Bridesmaids follows in the footsteps of a recent wave of offbeat comedies such as Anchorman, The 40 Year Old Virgin, Superbad and Knocked Up – with the crucial difference that instead of overgrown frat boys, the protagonists here are women. Saturday Night Live regular Kristen [...]
